GE's Profit Down by 35%
source: http://linkbee.com/GE-Profits
-
-
- Viper7
- added this
Conglomerate posts first-quarter profit that's much weaker than last year's, but earnings still best analysts' expectations!!
NEW YORK (CNNMoney.com - http://linkbee.com/GE-Profits) -- General Electric Co. posted a first-quarter profit Friday that fell substantially from year-ago results, dragged down by weak earnings at its embattled finance division, but the results still beat Wall Street's expectations.
The conglomerate's net income fell 35% to $2.9 billion, or 26 cents per share. Analysts polled by Thomson Financial had forecasted earnings of 21 cents per share.
Revenue for the Fairfield, Conn.-based company fell 9% to $38.4 billion, which missed analysts' forecast of $39.8 billion.
GE's (GE, Fortune 500) shares rose 3% in pre-market trading.
The company's troubled finance division, GE Capital earned $1.1 billion in the quarter. Though those profits are down 58% from a year ago, the company maintained the division is on track to be profitable for the full year.
(Continue Story at: http://linkbee.com/GE-Profits)
NEW YORK (CNNMoney.com - http://linkbee.com/GE-Profits) -- General Electric Co. posted a first-quarter profit Friday that fell substantially from year-ago results, dragged down by weak earnings at its embattled finance division, but the results still beat Wall Street's expectations.
The conglomerate's net income fell 35% to $2.9 billion, or 26 cents per share. Analysts polled by Thomson Financial had forecasted earnings of 21 cents per share.
Revenue for the Fairfield, Conn.-based company fell 9% to $38.4 billion, which missed analysts' forecast of $39.8 billion.
GE's (GE, Fortune 500) shares rose 3% in pre-market trading.
The company's troubled finance division, GE Capital earned $1.1 billion in the quarter. Though those profits are down 58% from a year ago, the company maintained the division is on track to be profitable for the full year.
(Continue Story at: http://linkbee.com/GE-Profits)
